Updated May 3rd, 2024 at 15:44 IST

Adani Green’s Q4 profit falls 70% to Rs 150 crore, revenue down 2.3%

The operating margin of the renewable energy company is recorded at 73.2% against 87.5% recorded in the same quarter last fiscal.

Reported by: Anirudh Trivedi
Adani Green | Image:Pexels
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Adani Green Q4 results: Billionaire Gautam Adani backed Adani Green’s revenue from operations fell 2.3 per cent at Rs 2,527.0 crore from Rs 2,587.0 crore in the last quarter of financial year 2024 (Q4FY24).  

Net profit of the company declined by over 70 per cent to Rs 150 crore from Rs 508 crore in Q4FY24 on account of paying one time liquidation charge. 

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The earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit of the company is down 18 per cent at Rs 1,851 crore when compared to the Rs 2,264 crore in the same quarter last fiscal. 

The operating margin of the renewable energy company came in at 73.2 per cent against 87.5 per cent recorded in the same quarter last fiscal. 

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The factors leading to the fall in the company’s net profit include Adani Wind Energy Kutchh One Limited paying liquidated damages of Rs 50 crores to Solar Energy Corporation of India under protest on account of various force majeure events as per the Power Purchase Agreement.

Similarly, during the year ended 31st March 2023, has incorporated the one-time borrowing cost (including derivative transactions) expense of Rs 138 crores and liquidated damages of Rs 56 crores.

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Amit Singh, Chief Executive Officer, Adani Green Energy said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW.”

Operational capacity of the company has recorded an upsurge, rising by 35 per cent to reach 10,934 MW. This increase was primarily attributed to the addition of 2,848 MW through greenfield projects. 

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Among these, 2,418 MW were from solar power plants, contributing to the expansion. Particularly noteworthy was the rapid development in Khavda, Gujarat, where a greenfield addition of 2,000 MW was accomplished within a mere 12 months of initiating ground operations. 

Furthermore, an additional 418 MW was incorporated in Rajasthan. In tandem with these developments, 430 MW of wind power plants were successfully operationalised in Gujarat. The company also recorded a 47 per cent surge in the sale of energy, totalling 21,806 million units. 

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The shares of the Adani Green were trading at 2.2 per cent higher at Rs 1791.20 apiece. 

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Published May 3rd, 2024 at 14:55 IST